Dollar funding crisis reaches...Switzerland. This isn't (just) Credit Suisse, though.

While the world was focused on the UK and its gilt-y pound, the warning signs were everywhere how this was and remains eurodollar business. Global dollar shortage, emphasis on "global." Now Switzerland has seen US$ funding eroded within its borders - or maybe from outside - to the point the SNB is activating US$ swap lines with the Fed. Either way, sure seems like that escalating third deflationary wave markets (*especially* Japanese bills) have been warning about.